Forex withdrawal scam

Philippines Forex Scam Report November 2021

In the Philippines this month, the number of scam brokers reported by users on WikiFX has increased significantly.

▪ Among them, VAST Forex received the most complaints in the Philippines. In the last 10 days, a total of 6 people have left comments under VAST Forex, accusing this broker of not allowing them to withdraw their investment and wanting them to invest more money to “rescue” their accounts.

▪Forex Option Profit also received exposure from a user from the Philippines. This dealer's scams are almost the same as VAST, blocking the user's account and asking the user to pay some huge fees to re-open it. Unfortunately, this user was defrauded of $4,500.

▪ In addition, on our facebook page, a user sent us a message that she was scammed by 24Marketspace. This dealer, similarly, used this scam method. Use the user's initial investment and profits as bait to force users to continue to transfer more money to them. At this moment, WikiFX recommends that everyone should not continue to throw money to fraudsters. Because it will make you fall deeper and deeper into this scam trap.

This series of fraud cases are all of the same type: foreign exchange withdrawal scams

Forex withdrawal scam

Clients may find the problem after working with the forex broker for a period of time. Generally, the problem occurs at the forex withdrawal stage, and customers realize that they are caught in a forex trading scam. Normal brokers, except for special circumstances, should always allow clients to withdraw funds.

Unfortunately, many customers may not notice the signs of forex trading scams until their funds cannot be used. Foreign exchange withdrawal scams usually show signs of illegality in the early stages, but if consumers dont know what to pay attention to, they may not notice the problem.

WikiFX Tips-When your broker has the following situations, stop trading in time and withdraw your funds. If it is unsuccessful, please report your broker to WikiFX.

1. Unreasonable fund withdrawal regulations

Forex trading scams may outline the rules for withdrawing funds. These are usually unreasonable rules or different from those applied by regulated brokers. For example, the following is an example of fund withdrawal rules given by an actual foreign exchange trading scam:

Withdrawal of funds is only allowed after a certain amount has been earned or traded

Funds will not be released until the account is activated for a certain period of time

Cannot withdraw funds in the middle of the transaction (and the broker constantly puts pressure on additional transactions, so the customer does not have time to withdraw funds)

Consumers without foreign exchange trading experience may not realize that these rules are completely unreasonable. To make matters worse, these rules may not be stated in the terms and conditions or on the website, but the fake broker may tell the client that these rules are in place after the client has opened an account and deposited funds.

2. Withdrawal fees are extremely high

Another method used by FX withdrawal scams is to charge high withdrawal fees. In this case, the broker did not deny the client's funds, at least for their reasons, but they made it seem like a disadvantage.

This is usually when the fake broker persuades the client to make another transaction. After all, if they make more money, they will be worth the withdrawal fee, and paying the high fee for the current balance will be expensive.

3. Prevent the threat of withdrawal of funds

At least initially, scam brokers will try to use persuasion and intimidation to prevent withdrawal of funds. However, once the client feels upset or expresses that he wants to file a complaint, the broker may resort to threats. And, they may make these threats sound like policies or something they have learned from experience.

For example, they may claim that if a customer withdraws part of the funds, they will lose all remaining funds. They may say this, as if the client will lose money from the remaining transaction as a matter of course, and the broker may imply that they will take the remaining money or they will freeze it.

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